Ouch – Market drops at open on carry trade worry
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Stocks dropped on Thursday on renewed inflation worries and as a rise in the yen stirred concern that investors were being forced to unwind carry trades in a repeat of Tuesday’s global market rout.
The Dow Jones industrial average was down 195.15 points, or 1.59 percent, at 12,073.48. The Standard & Poor’s 500 Index was down 21.77 points, or 1.55 percent, at 1,385.05. The Nasdaq Composite Index was down 49.33 points, or about 2 percent at 2,366.82.
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